Night Trading
- Asian equity indices are -1.0% to -.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 67.25 +.5 basis point.
- China Sovereign CDS 41.0 +1.5 basis points.
- Bloomberg Emerging Markets Currency Index 66.18 unch.
- FTSE 100 futures n/a.
- S&P 500 futures -.07%.
- NASDAQ 100 futures -.05%.
Earnings of Note
Company/Estimate
Before the Open:
- (ABBV)/2.30
- (BABA)/10.68
- (AIG)/1.01
- (BAH)/.71
- (BGG)/-.72
- (CBOE)/1.15
- (CVX)/1.46
- (CL)/.70
- (D)/1.14
- (XOM)/.66
- (ITT)/.90
- (LYB)/2.76
- (NWL)/.55
- (RUTH)/.10
- (STX)/1.00
After the Close:
- None of note
Economic Releases
8:30 am EST
- The Change in Non-Farm Payrolls for Oct. is estimated to fall to 85K versus 136K in Sept.
- The Unemployment Rate for Oct. is estimated to rise to 3.6% versus 3.5% in Sept.
- Average Hourly Earnings MoM for Oct. is estimated to rise +.3% versus unch. in Sept.
10:00 am EST
- The ISM Manufacturing Index for Oct. is estimated to rise to 49.0 versus 47.8 in Sept.
- The ISM Prices Paid Index for Oct. is estimated to rise to 50.0 versus 49.7 in Sept.
- Construction Spending MoM for Sept. is estimated to rise +.2% versus a +.1% gain in Aug.
Afternoon:
- Wards Total Vehicle Sales for Oct. is estimated to fall to 17.0M versus 17.19M in Sept.
Upcoming Splits
- None of note
Other Potential Market Movers
- The Fed's Vice Chair Clarida speaking, Fed's Quarles speaking, China Manufacturing PMI report could also impact trading today.
BOTTOM LINE:
Asian indices are mostly lower, weighed down by commodity and financial
shares in the region. I expect US stocks to open modestly lower and to
rally into the afternoon, finishing modestly higher. The Portfolio is
75% net long heading into the day.